(Reuters) - The Government of Canada said on Monday that it plans to invest C$49 million ($39.41 million) to support an expansion by auto parts maker Linamar Corp (LNR.TO).
Navdeep Bains, the Minister of Innovation, Science and Economic Development, made the announcement before heading to the North American International Auto Show in Detroit to meet with global and Canadian executives to discuss Canada’s role in North America’s auto industry.
The investment into Linamar will help create 1,500 new Canadian jobs and maintain more than 8,000 aiding manufacturing processes - including artificial intelligence and 3D printing - and cleaner automotive technologies, according to a federal government statement. The purpose of the investment is to benefit the Canadian population through more efficient, environmentally-friendly vehicles.
The Canadian government has been facilitating innovation in the auto industry and is encouraging expenditure in the technology, talent and infrastructure needed to shape the future of mobility.
Reporting by Shalini Nagarajan in Bengaluru; Editing by Nick Zieminski